{"id":11388,"date":"2011-07-13T11:22:26","date_gmt":"2011-07-13T01:22:26","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=11388"},"modified":"2021-04-15T10:17:37","modified_gmt":"2021-04-15T00:17:37","slug":"afa-to-government-were-not-convinced","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2011\/07\/13\/afa-to-government-were-not-convinced\/","title":{"rendered":"AFA to Government \u2013 We\u2019re Not Convinced"},"content":{"rendered":"

The Association of Financial Advisers (AFA) has called on the Government to produce independent evidence which demonstrates the benefits of the proposed Future of Financial Advice (FoFA) reforms.<\/p>\n

At an AFA function this month, Minister Bill Shorten<\/strong> told advisers he was “not convinced” that opt-in would increase the cost of advice. \u00a0In contrast, the results of a recent riskinfo poll<\/a> found that 86% of advisers believe opt-in will add significant extra cost to business.<\/p>\n

Minister Shorten also said he was unconvinced by arguments that the ban on commissions for insurance inside superannuation would exacerbate Australia’s underinsurance problem.<\/p>\n

In response, the AFA has issued a statement calling for the Government to provide its own evidence on the impact of FoFA.<\/p>\n

Mr Shorten said we haven’t convinced him yet – well, he hasn’t convinced us either<\/h6>\n

“When this Government came to power what it promised Australians was evidence-based policy decisions,” said Brad Fox<\/strong>, AFA President.\u00a0<\/p>\n

“Where is the evidence that opt-in and a ban on commissions within super address the problems Mr Shorten identified?\u00a0 Where is the rigour?\u00a0 The Government has not modelled a case for how they will benefit consumers.\u00a0 Mr Shorten said we haven’t convinced him yet – well, he hasn’t convinced us either.”<\/p>\n

AFA CEO, Richard Klipin<\/strong>, added that the AFA welcomed the Minister’s willingness to continue to engage in debate with stakeholders.<\/p>\n

“AFA members would like to be part of a sensible solution that creates a constructive pathway to change – in fact, their livelihoods depend on it,” he said.\u00a0 “Our door is open to work with the Government\u00a0to build a consensus for reform.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The Association of Financial Advisers (AFA) has called on the Government to produce independent evidence which demonstrates the benefits of the proposed Future of Financial Advice (FoFA) reforms.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8],"tags":[],"class_list":["post-11388","post","type-post","status-publish","format-standard","category-associations","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/11388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=11388"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/11388\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=11388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=11388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=11388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}